Consumer businesses lift Citigroup Q2 past estimate

GregMorcroft

NEW YORK (CBS.MW) -- Citigroup
C, -0.42%
said early Monday that strong consumer businesses like credit card and mortgage lending lifted quarterly earnings above Wall Street estimates. The company posted income from operations of $4.30 billion, or 83 cents per share, up 12 percent and 14 percent respectively from year-ago levels. The earnings per share were 3 cents ahead of the analysts consensus estimate compiled by Reuters Research. "Citigroup's performance this year continues to be outstanding, with 12 percent income growth in the second quarter driven by an 8 percent increase in our total revenues. We also reached an important milestone this quarter, as our total stockholders' equity and trust preferred securities exceeded $100 billion," Sanford Weill, Chairman and Chief Executive Officer said in a press release.

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